Building an Audit-Proof Fixed Asset Register (FAR): A Step-by-Step Statutory Blueprint

Statutory Reporting Under CARO 2020

Under Clause 3(i) of the Companies (Auditor's Report) Order, 2020 (CARO 2020), statutory auditors are mandated to comment on whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

Mandatory Fields in an Audit-Compliant FAR

• Unique Asset Identification Number (Asset Tag).
• Detailed description, serial number, and technical specifications.
• Location, department, and custodian assignment.
• Original date of purchase, capitalization date, and supplier invoice details.
• Original cost, accumulated depreciation, impairment, and Net Book Value (NBV).
• Physical verification dates and reconciliations.

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